Mortgage lending up 18% - BBA

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Gross mortgage lending in May stood at £18.2bn and was the highest monthly amount on record, according to the latest figures from the British Bankers Association (BBA).

It says the lending figure for May was 18% above that of April and 27% higher than May last year. Meanwhile seasonally adjusted underlying net mortgage lending rose by £5.7bn compared with £5.1bn in April, £4.3bn in May 2005 and an average of £5.1bn over recent months. In total there were 201,506 mortgage approvals in May, with a total value of £21.2bn. The BBA says comparisons with April are distorted, as approvals data are related to the number of working days in a month and there were 21 working days in May and only 18 in April. But the number of approvals was still 8% higher than in...

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